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tv   World Business Today  CNN  April 13, 2011 4:00am-5:00am EDT

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marriage and i wish them the very best of luck and it's going to be great. >> after all the terrible news, i think a good british royal wedding is what we need. thank you very much indeed. >> thanks, piers. >> and that's all for us tonight. here are the headlines this hour. egypt's general prosecutor has detained hos any mu bar he can's sons for two weeks according to egyptian state tv. they're being held to investigate their role in violence against protesters. the prosecutor also ordered the former president himself to be held for questioning. right now mubarak is in a hospital recovering from an apparent heart attack. libya's foreign minister says he wants to help map out
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libya's post-gadhafi future. he is hoping to meet with coalition and rebel officials at a libya contact group summit. it's not really clear how the once feared former intelligence chief may be received by the rebels. gragbo has been ordered to house arrest. he is expected to stand trial for violence after losing the presidential election last november. the new president has told the military to restore order to the country as quickly as possible. those are the headlines. world business today starts right now. it is wednesday, april 134th. i'm pauline chu. >> and this is "world business today." here are the top stories. easing oil prices spark an
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energy selloff in the united states and goldman sachs turns betterish on a clutch of other commodities. >> the building bricks of the global economy. we'll look at the new emerging economic order. >> and happiness despite growing glum in the uk, people have reasons to be cheerful. let's take you straight to the stock market action starting off in europe. markets finished firmly lower on tuesday's session. this is after japan increased the severity level of the nuclear crisis to a level seven threat. that is the highest possible rating. here's how the markets look an hour into today's trading session. we are currently seeing a lot of gains in the markets. under them, up by .4%. here in britain, the ft-se hovering around the 4% higher mark. on the economic front, we have a set of unemployment figures due out in a half hour's time.
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those, of course, are shot full of inflation and some economists say that will put a little bit less pressure on the bank of england to raise interest rates for the moment. the lagger is the zurich. the japanese yen is weakening a little bit. standing at 1.4510 and 1.6284 for the british pound. >> and that weaker yen gave electronics and auto stocks a boost in tokyo this session. it helped to offset worries about japan's nuclear crisis. also, concerns over supply parts eased a little bit as one auto component's company announced it will open a month earlier than expected. that helped to drive up the auto stocks. banking stocks were higher in
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sidney. shares of the major airlines also rose as oil prices continued their retreat. nina? >> in the meantime, wall street stocks ended the session lower when a 3% drop in oil prices caused a selloff across the energy sector. consumers are cutting back worldwide. now despite sales from alcoa also weighing on disappointing sales from alcoa on traders by the end of the session, the dow and nasdaq on this chart lost nearly 1%. the s&p 500, the broader index, lost .75% in yesterday's trading. it was surging and now it's sputtering. the price of oil has fallen back from the more than 2 1/2 year highs it hit last week. unrest in nafr aorth africa and middle east is pushing brent crude higher.
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but now concern that high prices could choke off demand and upset an already fragile economic recovery is slowing down the rally. and you can see the dropoff here from last friday over there. now brent crude for may delivery is down more than 4% since then. it's currently trading at just under $121 a barrel. and crude has been following a similar pattern. it's down nearly 6% since last friday. currently trading at just over $106 a barrel. but it's not just the price of crude that's falling, prices for other commodities like shown here, cotton, soy beans, copper and platinum over here. they're also retreating from record highs following goldman sachs' advice that their investors should dump long-term contracts on a basket of these items. nina? >> pauline, goldman sachs's bearish response is an about turn really isn't it when you think about their guidance in
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2008. that's when this brokerage and bank said it was expecting oil to hit $200 a barrel leaving many long term investors when that forecast did fall short. let's gao to our reporter to run us through what we can expect and what goldman sachs said. now why this change of tune? >> it's the third time is a charm. you have the report from goldman sachs that it started off the week with the imf giving the bigger picture about this rise in commodities, particularly oil undernining growth. and that was followed up by the iaea specifically to oil. but historically at a very high level. take a look at what the bank is saying. number one, investors should be taking profits. as you well know, it's the role of the hedge funds and pension funds in the commodity market. they have not had great returns over the last 12 months vis-a-vis what commodities are doing. so they piled in 10% to 15% of
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the gain in oil is probably driven by the weight of these pension funds and the hedge funds. there is concern about high prices hurting demand is what they're saying. that follows up with what the iaea is saying with oil prices and less demand could basically derail the economic recovery. but i do think we need to take a step back. even with this correction of 4% for brent prices, we're still up 27% in 2011. we're predicting a year long price of 107 which will be a record by any stretch of the imagination, even compared to 2008. >> this is this famous thesis of demand destruction, isn't it, when the prices set commodities and it's too expensive that the global economy. jim, is there any indication that the commodity bubble is about to burst now with goldman sachs saying this? >> we have the brick summit taking place in china. this is where the growth is coming from. going back to what the imf is looking at for 2011, 6.5% growth in the emerging markets, 2.5% from the developed economies
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mainly the g-7. we see some destruction in the u.s. i'm predicting growth of 3% coming down to 2.8%. they still have china at 9.5%. so what does this mean for commodities going forward? anything related to the industrial sector is going to grow strongly going forward. so you're looking at coal, platinum, magnesium, iron ore. the demand is still there if you're going to 9.5%. >> so those are the particular commodities that could do well. briefly, oil going to fall back then? >> well, even if you get a price, $100 a barrel is very strong. they don't want to see deja vu of 2008 down to $40. they'd like to see $85 to $100. >> thanks very much for your insight. pauline? it's not just oil but also supply parts that are an issue here in asia. japan's devastating earthquake and tsunami are taking a toll on toyota. on wednesday, the auto giant
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announced it will stop production at five manufacturing plants in europe between late-april and early may because it cannot get enough parts. toyota says the shutdowns will occur on eight days at plants in britain, turkey, france, and also poland. the company previously said it will stop production at most of its north american factories for up to five days later on in april. but that it will resume some production in japan on april 18th. japan's chief cabinet secretary made a show of eating strawberry and a tomato from near the fukushima nuclear plant to prove food from that region is indeed safe. the government's new push to promote japanese produce and to help out hard hit farmers near the damaged nuclear plant took place on the same day that it raised the rating on the nuclear crisis there from a level five to a level seven. that's the same level as
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russia's chernobyl disaster. still, officials, including the prime minister, said eating the vegetables is healthy for the public and for the nation. >> translator: i have a proposal to the japanese people. while keeping sympathy to the disaster victims, shall we try not to apply too much self-restraint and go back to the daily life? consuming products from the disaster-hit area is one way of supporting the victims. >> the reason for the concern is that the region immediately around the plant is a major agricultural area producing 20% of japan's rice and much of its meat. and that's one reason why the government reported on wednesday that earthquake is hurting the economy and it downgraded the economic forecasts for the first time in six months. a government report indicated exports, industry, and private consumption are all declining. as many countries cut their japanese imports due to fears of radioactive contamination.
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and that's why japan's finance minister says he'll try to clearly explain the extent and the limits of this crisis and the nuclear contamination at a meeting of g-20 ministers this weekend in washington. nina? we'll be back in a moment. like nature valley. granola bars made with crunchy oats and pure honey. nature valley -- 100% natural. 100% delicious. you think i have allergies? you're sneezing. i'm allergic to you. doubtful, you love me. hey, you can't take allegra with fruit juice. what? yeah, it's on the label. really? here, there's nothing about juice on the zyrtec® label. what? labels are meant to be read. i'd be lost without you. i knew you weren't allergic to me. [ sneezes ] you know, you can't take allegra with orange juice. both: really? fyi. [ male announcer ] get zyrtec®'s proven allergy relief
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call this toll-free number now. hello and welcome back to "world business today." >> this week, leaders from the bricks countries will meet in china. that is brazil, rush yashgs indiin russia, china and south africa. these emerging players are a diverse bunch. brazil and south africa are vibrant and india is is the world's biggest democracy. russia and china though more political leanings. brazil and russia are commodity
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exporters and china is the biggest importers. meanwhile, according to "the wall street journal," china's economy is three time the size of brazil's, four time the size of india's. it's also nearly four time the size of russia's economy and 16 times that of south africa. there's pretty amazing statistics, aren't they? regardless of the differences among the brick countries themselves, together they are an influential force in the global economy. thursday marks the group's third annual meeting. the power will only continue to grow. >> reporter: this is a chinese blogger, made famous here three years ago after blasting what he believed to be unfair bias in the western media, especially cnn. now the 26-year-old turned what was his anti-cnn website into a forum for hundreds of thousands of nationalistic chinese who are rooting for a new world order.
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>> translator: the previous global policies have been unequal, very unequal, developing countries are trying to find the status they deserve. >> that sentiment is growing in china and throughout the emerging world. leaders of some of the biggest emerging economies are gathering here in china for the third summit. their hope, to cool their growing influence and become a force in world affairs. every year since the global financial crisis, brazil, russia, india and china were the brick nations have been meeting to coordinate policy and act as a counter point to the west. together, these big, rapidly industrializing countries make up 40% of the world's population and 15% of global trade. >> these are countries which are going to have a huge impact in the global economy. some people even say that they're going to be the dominant players in the future world economy. >> with that kind of clout, more
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up and coming nations want in, like south africa turning what started as a term for investors brick into the bricks. at the summit, the bricks are focusing on the global economy. but some experts believe the group could one day act as an alternative avoice on political affairs. brazil, russia, india and china on stained from voting on a u.n. resolution authorizing a no fly zone in libya. south africa voted favor but harshly criticized the western-led bombing campaign. still mshgs argue these countries have conflicting political systems and economic priorities, making it difficult to put forth clear, unified statements on currencies or human rights. it will only be a matter of time before they have greater say. the power dynamic will change, he says, perhaps making the brick summit ever more important.
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>> there is breaking news out of belarus. this is related to a blast in the mince being metro station which killed 12 people and injured 200. now belarus detained suspects in this investigation related to that bomb explosion. according to a spokesman from the prosecutors office, the first few suspects are being detained. he's not said how many people have been held or provided any of the details. this is coming from various media reports including the reuters news agency and also afp. a law enforcement source told roiters that two people had been detained in at least one of them was a belarus citizen. let's remind that you this blast happened on april 11th. it was described by prosecutors as an act of terrorism and it was the first such attack of its kind in heavily policed
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ex-soviet state of belarus. let's remind what you is going on. prosecutors detained the first few suspects in relation to that investigation into a bomb explosion on the minsk metro station. according to various news actions including reuters and afp, various media reports are indicating at this point that we do have a couple of suspects arrested in relation to that explosion. let's give you background here. just yesterday we had news from authorities saying that they were detaining several people. it's unclear whether these first few suspects that have been arrested are part of those several people. but what we do know at the moment is that media reports have the first few suspects have been detained by authorities in belarus in relation to that explosion in a metro station which killed 12 people and injured 200 people on april 11th. we'll bring you more on that as we get it.
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pauline? we're going to go back to business news. coming up, we'll tell you about cisco's $590 million mistake. the tech giant dumps one of the products. we'll tell you why when we return.
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this is the famous star ferry crossing over from hong kong island all the way over to the other side as we pan out. live from cnn hong kong and london, welcome back to "world business today." >> the flip cam is officially dead. that's right, instead of selling the digital video camcorder, cisco systems has decided to kill off this particular piece of kit. officials say they're dumping the flip video camera division as part of efforts to revive the company. 550 employees based in the united states will be let go in the coming months as a result.
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now i ask you, what's not to like about this simple compact one touch camcorder? it's easy to use, easy to store, and okay so maybe we're a little partial to it here at cnn, of course, these kind of flip cameras have had a starring role on one of our daily programs called "back story." this is when reporters take you behind the scenes to show you how we cover the news. and that's being -- let's have a look at this flip. ben talking to his flip camera. have a look at it. that is ben right there. and he's filming something on the flip camera and he's also talking to it. so they're pretty versatile piece of equipment. now ben is not alone in being one of the fans of these kind of pieces of equipment. the cnn contributor nicholas thompson of "the new yorker" magazine also loves his flip cam. take a listen. >> everybody now has video cameras built into their cell phones.
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some of them are fairly good. the idea is that now the flip is obsolete. i think it's crazy to kill this thing off. it's amazing. it's one of the best inventions of the last couple years. i have given one to everybody i know over 50. there is a real value to having a device that just has one button and just works. it can be hard to make a video cameras and our cell phone work. i consider this a very sad day. >> that nicholas thompson, he's so cheeky, isn'the? this is what the flip cam is up against, the iphone. it takes great digital video. you can e-mail it immediately so it's all in one. let's take a look at cisco share price recently and how it's been doing. we are going to start from how it's been doing since january. it's lost about 14% of its value since then. and then you sthee this big dro in february where cisco lost 10%. cisco said the profit margins were shrinking because the company was trying to get into too many markets too quickly.
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and this actually confirmed what a lot of analysts worried about. they were very skeptical about cisco trying to target the consumer market with products like the flip cam and umi home video conferencing. and they wanted cisco instead to focus on the core business networks. and then on april 6th, right there where the dot is, cisco stock rose 4%. and this happened after an internal memo was leaked where ceo john chambers said that the company's strategy was sound but its operational execution was not. and it was time for the company to refocus. but we do have to remember that cisco is still a profitable company. and consumer products is just 2% of the company's business. and cisco stock has ticked up slightly in after hours trading at about $17.45 a share. nina? >> whatever you say, paulina. i'm holding on to my little flip cam. that is the latest on cisco and
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its particular piece of equipment which is going to be removed. few business travellers are going to be taking a look at the global weather picture. traveling to middle east could be chilly over the next two days. our meteorologist tells us exactly why. >> you know, i have to tell you, i have a flip cam as well. i have mine in the closet, never used it. i have an iphone. i use my camera on there. i think it's a really handy tool, flip cam. i don't know, what do you think? >> i agree with you. tell us about the weather. >> i shall. let's talk about the weather. yeah, certainly not something you really want to keep for your video history here. we're talking about the weather across parts of the middle east. it's going to be a little tricky out there. we actually have a weak system. you see it spinning to the north. we've been dealing with heavy rainfall as well as the storms through the middle east. so certainly we could be dealing with delays when winds are kicking up to 50 plus kilometers per hour. that is creating sand storms.
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and we've also been dealing with heavy rainfall. remember yesterday i told you about abudabi. now as i said that, disturbance will be moving up towards the north. that means the winds will weaken. right now we're dealing with winds around 33 kph in kuwait city. now as we look across parts of europe, rain moving through parts of the uk for spain as well as into france and western germany looking pretty nice there. had a little bit of light wintry mix coming down through areas including vienna. now it's moving over towards the east. you can see for areas including bulgaria as well as ukraine dealing with a little bit of wintry mix there. and that's where we'll see some of that precipitation as we go through the next several hours. but overall this is where the cool weather will be. if you're looking for warmth, anywhere you see in orange for
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spain and portugal, northern africa, of course, temperatures well above average for this time of the year. so are we dweeealing with any dela delays? one and a half to two hours, expect those to increase as we go into the overnight. again, we could see pretty good amounts of precipitation in the form of snowfall. high temperatures for this afternoon will generally be in the teens. but, remember last week we had all the warm spots across parts of europe? let's go to images. this is going to show you, yes, spring is in the air through parts of germany. this is out of western germany. you're looking at some cherry blossoms and more flowers and even a few butterflies out there getting ready for the spring weather. well, we'll have more world business today in a moment. [ sneezes ] allergies?
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from cnn hong kong, i'm pauline chu. >> and i'm nina desantos. let's look at european markets 90 minutes into the trading session. still pretty significant gains in the markets after yesterday's losses. you can see the ft-se 100 pushing even higher. now up about .6%. similar situation for dax and frank furt. we have uk unemployment figures due out just as we speak really at the moment. we've also got the fact that inflation across the united kingdom took a surprise fall yesterday. less pressure at the bank of england to raise interest rates.
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underpinning the optimism on the ft-se at the moment. but also significant gains for the cac 40 in france and zurich is rising at the moment even more than it was a half hour ago. >> well, it was also a fairly positive picture here in asia as a weaker yen gave japanese exporters like electronics and auto stocks a boost in tokyo. and that helps to offset the worries about japan's nuclear crisis. banking stocks were higher in sidney where the main benchmark ended up about .25%. shares of the region's major airlines also rose as oil prices continued their retreat. >> as we've been telling our viewers for the past half hour or so, china is where all the action is. hong kong's group is no exception to that rule. as part of our series "the boss," we've been following the chairman, michael woo, for months now. the priority is moving the fwoiz the chinese mainland and now we're going to show you how he
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did it. >> reporter: previously on "the boss," attracting and maintaining customer loyalty. michael wu looked for new ways to keep his customers coming back again and again. >> we see these mainly as a transaction, a number. we like to do much more than that. we would like to put a face to these numbers. >> reporter: michael wu has left hong kong. he is now firmly in mainland china. he's in a booming chinese city just across the border. home to 14 million people, it has grown into one of china's wealthiest metropolises and michael wants a bite out of this market. >> the people are getting
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wealthier. they're earning much more. and they're demanding a better quality, higher quality food offering whether it's bakery or whether it's a restaurant dining experience. >> reporter: his group tried and failed to break the chinese market in the early 1990s. this time around, michael believes under his leadership they can do it. he has reason to be optimistic. over the past year, michael has made this his priority. >> china is such a big market in itself that probably for the next 20, 30 years that will be our only focus. and there's really no reason to go elsewhere. >> reporter: in the board room, he looked for strategic ways to tackle this major market. outside of it, he laid out his expansion plans to his staff.
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today, with the launch of the simplylife restaurant in mainland china, the strategy is paying off. to get here and stay here, michael has been studying the region and his new customer. he's learned he has to modify the restaurants to suit local tastes. instead, he's counting on the residents to recognize the hong kong brand. so far, that strategy seems to be working.
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the opportunity to do business here may be great. but working here has its down sides. >> as a foreigner coming to china, we pay the price of learning the steps. it takes us much longer to open a store than it would be for a local company. >> reporter: logistics and competition aside, michael has other pressing concerns like food safety. mainland china faced a series of scandals of tainted milk, fish, even rice. and michael wants to make sure his ingredients maintain their high quality. >> we believe that with our strictest and stringent food safety procedures that this is the most important element that and guarantee we can give to our
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customers. >> reporter: from the location to the competition right down to the ingredients, michael has thought about every aspect of his expansion. today he's got his foot in the door in this city. the rest of china, one step at a time. >> china is such a big market that we know we cannot conquer this huge country all at once. so we have to take this in phases. >> reporter: next week on "the boss" -- >> did he like the sushi or the hot food items? >> reporter: he's finally made it to mainland china but can he win the locals over with sushi? and in london, sarah tells us how she selects the best people for her business. ever seen anything like it?
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this is "world business today" from cnn hong kong and london. >> the war in libya may be far
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from over, an international contact group is meeting to discuss the oil hitch krich cou future. other countries involved in the libyan mission and also the former libyan foreign minister will be meeting in the capital on wednesday. he defected two weeks ago. he said is seeking a role within the opposition and possibly one of brokering a deal between the regime and rebels. libya has invest the its oil wealth in at least 35 countries around the world. the libyan investment authority or the lia is believed to control about $70 billion worth of assets. it's been instrumental in helping libya spread its oil wealth into various institutions. and here's where you can find libyan money. we'll show you a couple spots on the map here. now in the u.s., just last year the head of lia said the fund
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had $32 billion in liquidity stored in u.s. banks. that's about how much the u.s. said it frozen when the conflict in libya broke out. meanwhile in, italy, the lia has stakes in eni. there is a 7.5% stake in a football club. and in the us, they own a 3.3% stake in pearson, the owner of the financial times and penguin publishing and interests in commercial real estate. in addition, libya has invested hundreds of millions of dollars in african nations including stakes in dozens of small telecom and infrastructure companies. now libya has also invested in italian conglomerate finmakana which designs and build warplanes. this week marketplace middle east host asked the head of the company's aerospace division how
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the unrest in libya will effect the company. >> in any case, we not change our poll sichlt we're stiicy. we're still working with the governments to provide them with the same solution. everything in accordance with the law and the regulation that international community will ask us to respect. >> what do you think it's going to take, 12 to 18 months for this to settle down and then strategically you say as a company we can go back in with our original strategy of growth for the middle east? >> the original strategy of middle east has not changed. it is not changing because of these turmoil situation now. we have presence in countries where the situation is stable. where the industrial situation is stable. and we continue to pursue our study. >> you came out with a market strategy to have 50% of the revenues from emerging market countries. is this the new reality today for the overall group?
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>> the idea is that the typical traditional markets where we're present and markets that are suffering in terms of aerospace and defense business. therefore, for us it's really essential to try to have relationship with these emerging markets that are in the aerospace and defense industry together with growing the aerospace division. >> how does the middle east and north africa fit into that schedule? >> we start in northern africa, particularly in morocco and countries close to morocco. and then we move to middle eastern countries. key areas, saudi arabia and uae represents for us the most important countries in the middle east. what we foresee in the next five years is more than four billion euro in this region. >> this is a huge contract for
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european aerospace industry. this is a key partner in you getting, what, nearly 40% to 50% of the overall contract out of the saudi arabian investment. >> there are more than 45% of the program is for mechanical. we're very interested. seeing how the saudi arabian contract is going and we believe that this is another opportunity for us where relationship in the middle east. >> well, spring has sprung in china. we'll bring you the inside story on the chinese budget airline that models itself from southwest airlines. and also on the show, is the daily grind getting you down? we'll tell you about a group that gives some tips on how to be happierment all that and more to come.
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let's take a look at the stock markets. we have the market steadily pushing higher and in particular the ft-se 100. this is how it is standing at the moment, higher than the last time we looked. up .6%. now there is reason for this. the total is fallen now by 17,000 to the three months up until the end of february. two total of 2.48 million. you do remember that last time we had the quarterly figures it stood at 2.53 million. so definitely in the right direction. this is also coming on the back of news that inflation saw a price fall to 4% from 4.4% yesterday. and that's one of the reasons why the ft-se is up so much. the other european markets following its lead. now to something completely different. u.s. officials are looking at flight recorders, air traffic control tapes and ground movement radar. this as they investigate what happened on monday night at new york's jfk airport. a massive air bus clipped a
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smaller aircraft. it was caught on amateur video. imagine being among the 66 people aboard that smaller plane. no one was hurt but both planes were slightly damaged. still cringe every time i see that video. but on the other side of the world, chinese air travel is booming and spring airlines has become china's first low cost carrier to offer flights from mainland china. modelled after america's southwest airlines, spring has gone from being a travel agency off shoot with just one plane to becoming a hugely profitable airline in just five years. stan grant now with that success story. >> reporter: this man knows all about being flexible. this master of tai chi is applying the secrets of the ancient chinese art to the world of big business. all the tai chi moves look very gentle he says, but they contain a lot of inner strength.
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the same running an airline. six years ago, he launched spring airlines, a budget carrier in a booming market. no thrills here. the cabin crew doubled as cleaners. where else would you find an airline boss loading the luggage? he is a maverick businessman. the richard branson of china. but it's not virgin, it's america's southwest airlines that wong wants to emulate. lean, ultra competitive. baggage weight limits are set low, carry more and it costs. customers grab food before boarding. on the plane, it's user pays. on flight sales are a big revenue earner. spring airlines crams 180 seats into their air bus, 30% more than the rivals. and you do get what you pay for. i'm six feet tall and my feet here, my legs are crammed in.
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there is very little leg room. but, hey, it's cheap. the flight from shanghai to hong kong about three hours can cost as little as $30. and it is a winner. most flights are 95% full. this man certainly happy p. he was passenger number one and still coming back. the tickets are cheap, he says, and the service isn't bad. work hard, keep it tight. that's wong's philosophy. he's never had a holiday, works seven days a week, 14 hours a day, 365 days a year. he has 22 planes flying to 14 destinations including a cut price route to japan. one day wong wants hundreds of flights. it's not going to be easy though. in a market heavily protected in favor of giants like air china. i often tell my employees to be grateful, he says. the government has already allowed us into this once monopolized industry. if they reject an application, we keep an open mind and move
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on. today wong's task got a little bit harder. these passengers have been onboard stuck on the tarmac for over two hours. the destination is fogged in. the plane can't get clearance for takeoff. it's beyond the airline's control. the flight is abandoned. the airline offers a hotel and a substitute flight. another business lesson for the tai chi class. yes, you must bend to stay standing. stan grant, cnn, shanghai. the popular phrase don't worry, be happy, has some british researchers worried. that's because the new survey indicates that britain's increasingly miserable and also more pessimistic than americans. a group of british educators, economists and politicians performed a group called the action for happiness says that it's launching a new effort to make britains feel better about themselves.
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so how do you turn that frown into a smile? there are ten secrets to a happy life. let's have a look at them. first up on the list is give to others. volunteer, they say. buy a strarpger stranger a cup r instance. another secret is exercise. start moving about and start walking. the third idea is get some goals. you won't go anywhere if you don't know where you're going. and next, get some meaning into your life. fwlong a group, become part of something larger than yourself, it says. and the fifth, well, it comes down to what i said at the start. they say stop worrying so much about things and think positive and be happy. so those are five of the ten secrets to be happy. pauline? >> at least it's a start. and here's news that might make britains a bit cheerier. they work less than their supposedly leisurely counterparts in the mediterranean. the organization for economic
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cooperation and development says that britain is the ninth least hard-working nation out of the 29 countries it surveyed. britains work an average of 7:53 a day. the organization says when one adds regular work hours along with hours spent cooking, cleaning, washing the dishes doing household chores, the british work fewer hours than the spanish, portuguese or italians. but it's the belgians who enjoy the most leisure time. they work a total of just seven hours a day. but i have to ask you, what do the brits have to be miserable about these days? you have the beautiful royal wedding coming up in two weeks. >> we do, indeed. but the resounding theme on the streets of london is that it's the weather, really. can you never rely on it. that's one of the things that i'm sure is going through kate middleton and prince william's minds at the moment. we've had a little bit of a heat wave in britain and they're wondering now that the clouds have rolled in, will it start
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becoming sunny again in two weeks? who knows? i'm afraid that's all we have time for on the show. >> i'll cross my fingers for sunny weather in two i'm pauline chu. stay tuned now for "world one" which is coming up next.
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